Ponzi scheme defendant enters guilty plea in Flagler

Friday

Sep 13, 2013 at 7:19 PMSep 13, 2013 at 7:37 PM

Anthony Fregenti has six months to pay $300,000 to his victims — and that’s not even the half of it.

By Tony Holttony.holt@news-jrnl.com

BUNNELL — Anthony Fregenti has six months to pay $300,000 to his victims — and that’s not even the half of it.Afterward, he faces up to 10 years in prison followed by 20 years of probation, the prosecutor in the case said Friday.After he pays back the first $300,000 and after he serves his prison sentence — if he’s required to serve any time in prison — he’ll be required to pay back more money. That amount is still being determined, but it’s possible his total restitution could exceed $1 million, Assistant State Attorney Luis Bustamanti said.Fregenti, 41, was arrested in October 2012 and accused of laundering money as part of a Ponzi scheme involving motorcycles and exotic sports cars. He was originally charged with 33 felonies.On Thursday, he pleaded guilty to 20 charges — 10 counts of sale of securities by an unlicensed dealer, nine counts of sale of unregistered securities and one count of securities and investment fraud.Flagler County Circuit Judge J. David Walsh scheduled Fregenti’s sentencing hearing for March 12, 2014, by which time the defendant is required to pay the first $300,000 of restitution to the victims.If he fails to abide by those initial guidelines, his maximum sentence will be raised to 15 years, Bustamanti said.Fregenti also is barred from making deals related to securities, real estate, time shares and insurance policies, according to his plea agreement.Some of Fregenti’s long list of victims lived locally and others are out of state. One of them, Robbie Barrick, attended Thursday’s hearing.“I’m relieved now that the case is moving forward,” Barrick said. “I am thankful to the judge for getting this done in such a timely manner.”In December 2012, less than two months after his arrest, The News-Journal reported Fregenti was still listed as a “registered agent” for four new businesses in St. Augustine.Also arrested in connection with Fregenti’s illegal business were Devin Kolb, 32, and Michael Stevens, 46, both of whom have court dates scheduled for Oct. 2 in Flagler County. Both are charged with money laundering.Bustamanti said at least one victim filed a civil suit against Fregenti and won a settlement.